DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/196326
Utah Virginia rank: 36 rank: 48 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.3% Unemployment Rate 1.3% 4.6% 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.2% 0.8% year ago 2.9% 5.7% year ago 1.9% 5.9% 2.2% 1.6% year-over-year change -22.3% Unemployment Rate 6.0% year-over-year change -32.5% -22.0% -3.3% -50.8% Top County Top County Carbon CoUnTy Cumberland CounTy -5.0% 90+ Day Delinquency Rate Foreclosure Rate 90+ Day Delinquency Rate July 2013 1.7% 2.2% 3.2% 2.8% year ago 2.2% year ago 1.9% 4.5% year-over-year change -22.1% Foreclosure Rate July 2013 2.3% if the borrower falls behind on payments by 90 or more days. Additionally, Freddie Mac stated servicers are required to obtain quality right party contact (QRPC) with impacted borrowers as soon as possible. If servicers aren't able to establish contact and the mortgage is 31 or more days delinquent, servicers must provide the borrower with a short-term forbearance plan. If the correct party is contacted, the servicer must work with the homeowner to see if forbearance relief is warranted. Fannie Mae also announced similar disaster relief policies. year-over-year change 15.0% -28.0% 20.5% STAT INSIGHT Top Core-based Statistical area Top Core-based Statistical area PriCe, UT WaShingTon-arlingTon-alexandria, dC-Va-md-WV 90+ Day Foreclosure Delinquency Rate Rate July 2013 90+ Day Delinquency Rate Foreclosure Rate July 2013 1.7% 2.2% 2.5% 2.1% year ago 2.2% year ago 1.9% 1.5% year-over-year change -22.1% 15.0% 65.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. rank: 10 Foreclosure Rate July 2013 1.7% Unemployment Rate 3.4% 4.6% year ago 1.7% 3.8% 5.2% year-over-year change -2.0% -10.4% -11.5% Top County Orleans COunTy 90+ Day Delinquency Rate July 2013 2.3% Foreclosure Rate 5.7% year ago 2.5% 6.3% year-over-year change -7.4% -9.5% Top Core-Based statistical area BenningTOn, VT 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.4% 5.4% year ago 2.5% 5.0% year-over-year change -5.9% 8.9% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. 94 43.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Vermont 90+ Day Delinquency Rate 1.5% year-over-year change Freddie Mac Updates Disaster Relief Requirements Freddie Mac is requiring servicers to offer a new modification to help borrowers in eligible disaster areas starting November 1. Dubbed the Capitalization and Extension Modification for Disaster Relief, the modification aims to help borrowers who are current or less than 31 days delinquent at the time of a disaster. The new option provides relief to borrowers by adding payments to the end of the loans to bring the account current. Unlike other modification options, the disaster modification does not require the submission of a Borrower Response Package. The McLean, Virginia-based GSE also stated it has updated its Streamline Modification requirements for borrows who were current or less than 31 days past due at the time of a disaster. In situations where a borrower is not eligible for or rejects the disaster relief option, services must consider the borrower for a Streamline Modification Estimated total of fraudulent mortgage applications in Q2 among Virginia borrowers. Source: CoreLogic Washington rank: 23 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.8% Unemployment Rate 2.2% 6.9% year ago 4.4% 2.6% 8.3% year-over-year change -36.7% -15.0% -16.9% Top County Wahkiakum CounTy 90+ Day Foreclosure Delinquency Rate Rate July 2013 2.9% 3.7% year ago 4.2% 3.0% year-over-year change -30.6% 23.9% Top Core-Based Statistical area aBerdeen, Wa 90+ Day Delinquency Rate Foreclosure Rate July 2013 3.1% 3.4% year ago 5.2% 3.5% year-over-year change -39.8% -1.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics.